People who need to borrow money very quickly often turn to car title loans to help them out. These are very flexible loans and are not just very quick, but also available for people with bad credit, which makes them very interesting. However, before you go ahead and apply for car title loans in Gardena, you should make sure you fully understand these types of financial products. Hopefully, this FAQ will help you with that.
Q – What Is a Title Loan?
Basically, they are loans that are secured against your vehicle. It can be any vehicle, from a regular car to a personal airplane or even a boat. What matters is that you are the title owner of this vehicle and that the title is free from any liens. This includes finance. If you do still have finance on your vehicle, an auto equity loan may be more suitable.
Q – Will I Qualify?
It is impossible to guarantee that you will be qualified unless you actually put in an application. However, the requirements for these loans are really easy to meet. Besides be a clear vehicle title holder, most lenders look for someone who:
- Is at least 18 years old (21 in some cases).
- Is a permanent and legal resident in this country.
- Has an active bank account with direct deposit facility.
Credit status is not important and many lenders don’t even require you to be employed, although it is often preferred.
Q – What Kind of Car Is Accepted?
Generally speaking, any type of vehicle and any make and model will be accepted for a title loan. However, the minimum a lender will usually borrow you is $601 (from which point higher interest rates are allowed to be charged by law), and they will usually not borrow you more than 50% of the value of your vehicle. Hence, your car should be worth at least $1,300 in order for you to be able to get a loan against it.
Q – How Much Can I Borrow?
Again, this depends. The minimum tends to be $601 and most lenders have a maximum of $5,000, even if your car is worth more than that. If this is the first time you have applied for a loan through a certain company, you are likely to be offered less than if you have gone through several successful applications.
Q – How Long before I Get my Money?
The application for car title loans in Gardena is very quick. A decision will usually be made almost instantly. Most lenders also guarantee that you will have the money in your account within 48 hours. Some even guarantee the same day, so long as it is within banking business hours.
Q – Can I Keep my Car?
Yes. Some lenders will want you to hand over your spare keys, or they will put a remote locking device on the ignition. Usually, however, all they will want is to hold on to your title deed.